UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 16, 2000
SOUTH JERSEY FINANCIAL CORPORATION, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-24997 22-3615289
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
4651 Route 42 Turnersville, New Jersey 08012
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(Address of principal executive offices) (Zip Code)
(856) 629-6000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On February 16, 2000, South Jersey Financial Corporation, Inc. (the
"Company"), issued a press release which announced that it had received
regulatory clearance to repurchase up to 5% of the Company's outstanding shares
held by shareholders.
A press release announcing the stock repurchase is attached as Exhibit
99.
Item 7. Financial Statements and Other Exhibits.
Exhibit 99 Press Release dated February 16, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTH JERSEY FINANCIAL CORPORATION, INC.
Dated: February 17, 2000 By: /s/Robert J. Colacicco
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Robert J. Colacicco
President and Chief Executive Officer
Exhibit 99 Press Release
SOUTH JERSEY FINANCIAL CORPORATION, INC
CONTACT:
Gregory M. DiPaolo
Executive Vice President, Treasurer and
Chief Operating Officer
South Jersey Financial Corporation, Inc.
(856) 629-6000
SOUTH JERSEY FINANCIAL CORPORATION, INC.
ANNOUNCES RESULTS OF SPECIAL MEETING OF SHAREHOLDERS
AND REPURCHASE OF COMMON STOCK
Turnersville, New Jersey, February 16, 2000 -- South Jersey Financial
Corporation, Inc., the holding company for South Jersey Savings and Loan
Association, Turnersville, New Jersey, announced that at the Special Meeting of
Shareholders held on February 16, 2000, the Company's shareholders approved the
adoption of the South Jersey Financial Corporation, Inc. 2000 Stock Option Plan
and the adoption of the South Jersey Financial Corporation, Inc. 2000 Restricted
Stock Plan. The Company also announced that in order to fund the South Jersey
Financial Corporation, Inc. 2000 Restricted Stock Plan, the related trust
intends to purchase shares of the Company's common stock in the open market with
funds contributed by the Company. Purchases will be made from time to time at
the discretion of the trust and will amount to 108,869 shares, or 3.0% of the
Company's outstanding common stock.
The Company also announced that it has received regulatory clearance to purchase
up to 180,188 shares of its common stock. The stock repurchase program was
previously approved by the Company's Board of Directors and represents 5% of the
Company's 3,603,759 shares outstanding. The stock repurchases will be made in
open-market transactions, subject to the availability of stock.
South Jersey Financial Corporation, Inc. completed its initial public offering
of common stock in connection with the conversion of South Jersey Savings and
Loan Association from a New Jersey-chartered mutual savings and loan association
to a New Jersey-chartered stock savings and loan association, on February 12,
1999. In the conversion, South Jersey Financial Corporation, Inc. issued an
aggregate of 3,793,430 shares of its common stock of which 3,512,435 shares were
issued at a purchase price of $10.00 per share in a subscription offering and
280,995 shares were contributed to the South Jersey Savings Charitable
Foundation, a charitable foundation established by the Association.
South Jersey Savings and Loan Association is headquartered in Turnersville, New
Jersey, and operates through its three banking offices located in Gloucester and
Camden Counties in Southwest New Jersey.
Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.
